News Release: April 16th, 2003
El
Pulpo Property Optioned to Ross River Minerals Inc.
Almaden Minerals Ltd. (Almaden) is pleased
to announce that it has optioned its El Pulpo Copper-Gold project
in Mexico to Ross River Minerals Inc. (Ross River). Ross River
can earn a 50.1% interest in the project by spending US$2,000,000
and issuing 425,000 shares of Ross River to Almaden by April
30, 2008, including 150,000 shares to be issued upon exchange
approval of the agreement. Ross River can acquire an additional
9.9% interest by spending a further US$1,000,000 by April 30,
2010. Ross River is committed to spend US$100,000 by April 30,
2004 and is responsible for all holding costs until it has earned
an interest in the property. The property contains five claims
that are held under option by Almaden and are subject to the
terms of the agreement with Ross River. A 100% interest in these
claims, subject to a 1% NSR, can be acquired by making payments
of US $162,000 by February 2005. The 1% NSR can be purchased
for US $500,000.
The El Pulpo project is located north-east
of Mazatlan and covers an area of approximately 120 square kilometres.
High grade porphyry related gold, silver and copper mineralization
has been identified over a surface area in excess of 12 square
kilometres. The properties host at least two copper-gold porphyry
targets and three high grade gold vein targets. Ross River has
informed Almaden of the following results from field work carried
out by Ross River:
El Bagre Target: The El Bagre Target exhibits altered calc-alkaline
intrusive quartz stockwork mineralisation hosting both oxide
and sulphide copper mineralisation. Four widely spaced rock samples
collected over an area of one square kilometre averaged 1.43
% copper, 0.13 g/t gold and 52.4 g/t silver.
La Cetolla Target: Three kilometres
east of El Bagre is the La Cetolla porphyry target. In the early
1970's work by a major North American mining company focused
on a grid of 1,100 metres by 230 metres which averaged 0.94%
copper over this area. In 2002, Almaden sampled an area immediately
to the south and up to a kilometre away from the grid and obtained
assays ranging from 0.29% to 0.79% copper and up to 0.8 g/t gold.
Papaya Target: The Papaya Target is one kilometre north of the El
Bagre Target. Of nine samples collected from a vein by Ross River,
seven assayed )1 g/t gold. The values of these seven samples
ranged from 1.00 g/t gold to 30.66 g/t gold, with an average
of 8.47 g/t gold, 90.4 g/t silver and 5.11 % copper over a width
of 1.5 to 2 metres.
La Trucha Target: The La Trucha target, two kilometres
north of the Papaya target, is centred around two float samples
collected separately by Almaden and Ross River, 50 metres apart,
that assayed 18.0 g/t gold, 410.0 g/t silver and 24.42 g/t gold,
792.2 g/t silver respectively.
El Tiburon Target: The El Tiburon target is a further
one kilometre north of the La Trucha target. A single grab sample
taken by Almaden assayed 1.92 g/t gold and 63 g/t silver. Two
grab samples taken within the same zone by Ross River assayed
0.78 g/t gold and 385.5 g/t silver and 11.80 g/t gold and 314.2
g/t silver over two metres.
Almaden is very pleased to have Ross River
working on this exciting project. Ross River has informed Almaden
that a large field program designed to define targets for drilling
will commence in May, 2003. Almaden currently has six active
joint venture programs involving other companies exploring Almaden
projects to earn an interest in them. In addition to these Almaden
has an active regional joint venture program underway to explore
for copper-gold deposits in Mexico with BHP Billiton.
ON BEHALF OF THE BOARD
OF DIRECTORS
Morgan Poliquin
The Toronto Stock Exchange
has not reviewed nor accepted responsibility for the adequacy
or accuracy of the contents of this news release which has been
prepared by management. Statements contained in this news release
that are not historical facts are forward looking statements
as that term is defined in the private securities litigation
reform act of 1995. Such forward -looking statements are subject
to risks and uncertainties which could cause actual results to
differ materially from estimated results. Such risks and uncertainties
are detailed in the Company's filing with the Securities and
Exchange Commission.
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